Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?
A) Special events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of an NPO.
B) Special events must be reported net of related direct costs,even if they are of a peripheral or incidental nature.
C) All special events may be reported net of related direct costs.
D) Expenses of promoting and conducting special events should be netted directly against special events revenue.
Correct Answer:
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